China Evergrande Group billionaire Hui Ka Yan has turned to Pollyanna Chu, known for her connections to Hong Kong's tycoons, to help avert the collapse of his business empire.
Securities trading and money lending company China Strategic Holdings Ltd said on Tuesday it planned to sell up to a 1.37% stake in a unit of indebted developer China Evergrande Group - and could do so at a significant discount.
Wealthy investors who supported Chinese billionaire Hui Ka Yan’s empire are now paying a heavy price amid growing concern the group will struggle to repay its debts. Hui had long been able to count on his poker pals to back China Evergrande Group during times of trouble, whether it was by buying stakes in his company, loading up on its bonds or not calling in debts. He broadened that circle to raise funds for his property services business in December, as well as an electric-vehicle startup in January.
This tracker covers possible deals reported by media across Asia-Pacific over a certain period. The information is gathered from various news sources, excludes confirmed deals and is limited to potential acquisitions or sales involving companies or operations in the region. Click here to read the previous month s report.
Australia and New Zealand emerged as bright spots for potential deals in Asia-Pacific s financial sector in March, as Westpac Banking Corp. kicked off a review of its New Zealand business and suitors lined up for the potential purchase of Commonwealth Bank of Australia s general insurance business.
Westpac, Australia s third-largest bank by assets, said it was considering a possible demerger of its New Zealand business as part of its review concerning an appropriate structure for the business. The bank s March 24 announcement came after the New Zealand central bank flagged concerns over Westpac New Zealand Ltd. s risk governance processes and required it to commiss
AIA said to near deal for Bank of East Asia s life insurance arm dealstreetasia.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dealstreetasia.com Daily Mail and Mail on Sunday newspapers.